Acclaim Uranium NL (AU) was the dreamchild of Malcolm Mason. During 1996 Acclaim Exploration (AE) feverishly snapped up dozens of old uranium exploration leases across WA. In 1997 Acclaim Uranium NL was formed as a subsidiary of Acclaim Exploration, becoming listed on the Australian Stock Exchange on late November 1997 with AE retaining 30% in AU.
AU was attempting an aggressive exploration program covering most geological provinces considered prospective for further uranium deposits, although concerns over federal ALP uranium policy, the continuing depressed state of the global uranium market and community opposition to the nuclear fuel cycle has seen AU abandon most of their exploration projects of late.
To side-step such critical issues, AU started investigating overseas options as early as February 1998 - less than 3 months after listing on the ASX. In November 1998, AU purchased the 22,000 tonne U3O8 Langer Heinrich calcrete deposit in Namibia, Africa (see info on the Rossing uranium mine for details on Namibia). AU took formal ownership of the project on July 9, 1999. The deposit has an average grade of just 0.04% U3O8 using a 0.01% cutoff.
The major benefit of AU moving to Namibia is the country's "developing" status - meaning AU can apply for special loans from European Banks or the World Bank to develop the project with AU carrying minimal commercial risk. Although promulgating the view of being quite actively developing and advancing the Langer Heinrich project, little substantive progress appears to be being made, as all timelines slip further and further into the future. Recently, they have admitted (see their 2000 Annual Report) that due to the continuing slide in the spot price for uranium, the definitive feasibility study for Langer Heinrich has been delayed, awaiting a 'rebound' in the spot price.
AU’s share price has followed a similar fate to that of its parent, although the fall in AU’s share price has not been as severe - from $0.20 upon listing in November 1997 to about $0.06 in November 1998, hovering around this mark ever since.
Perhaps further fuel for speculation about their (lack of ?) long-term commitment to uranium is that in late 2000 Acclaim Uranium changed their name to Aztec Resources Ltd - yet another company to remove 'Uranium' from their corporate identity. Fellow explorers in Australia (eg. Black Range), Canada and the USA (see WISE-UP) have also done similar things in recent years to remove the negative stigma of uranium from their corporate image. Aztec are starting to pursue other fad investments, such as telecommunications, dot.coms, or other fast ways to make money. Hardly the calibre they used to portray in their quest for uranium, although they still hold and hope to progress Langer Heinrich someday, plus maybe their remaining WA uranium leases.
Acclaim Exploration, their original parent company, is now focusing almost entirely on nickel and gold exploration, leaving 'Aztec' to flounder into the past ? Let's hope, or maybe they'll learn before this and divest out of uranium. Acclaim Exploration have sold almost entirely out of Acclaim Uranium, having less than 0.68% shareholding compared to their previous 30.31% interest. Notably, Malcolm Mason resigned in August 2000 - but watch this space, he still owns 1.08% of Aztec through Missoni Investments.
| Directors : | Ronald N Gajewski (Chair), Brett R Matich (Manager - Mining), Edmond W Edwards (Manager - Operations & Financial) |
| Contacts : | 702 Murray St, West Perth, WA 6005 (Reg. Office) Ph (08) 9226 5811 - Fax (08) 9226 5822 |
| Website : |
|
| Email : | azr@aztecresources.com.au |
| Banking Services : | Challenge Bank 109 St George’s Terrace, Perth, WA 6000 |
| ASX Codes : | Shares - AIU, Options - AIUO (Home Exchange - Perth, WA) |
| Annual Reports : | 1998 (HTML). Request by Email |
| ACN : | 078-548-562 |
| Share Registry : | National Registry Services - 152 St Georges Tce, Perth, WA 6000 |
| Other Websites : |
Uranium Deposits and Prospects
(All Acclaim Uranium NL 100%, unless specified)
AU have maintained their "Nowthanna / Murchison" leases, proclaiming a reasonable, low grade calcrete resource in several discrete orebodies. These include the two halves of the Nowthanna deposit, Abercromby, Millipede and Lake Maitland. The total uranium resource for the project, using a 0.02% U3O8 cutoff, is estimated to be 14,746 tonnes U3O8 at an average grade of 0.051%. The Nowthanna JV deposit includes a 25% interest by Defiance Mining NL.
Former exploration projects surrendered by late 1999 due to lack of uranium resources, native title whinging or whatever :
- Lake Mason, Cogla Downs, Lakeside JV, Wondinong, Dawson Well, Turee Creek, Kintyre East, Lyndon, Yinnetharra, Myroodah and Oobagooma.
The only exploration projects still retained in WA are Angelo River and Anketell. AU are seeking a Joint Venture partner for the high-risk exploration at Angelo River, while Anketell awaits grant of tenements.
For a map of Acclaim uranium prospects and exploration leases, see the Anti-Nuclear Alliance of WA.
Type | Ore ('000) | U3O8 | |||
| Angelo River A | |||||
| Nowthanna | |||||
| Nowthanna JV | |||||
| Lake Maitland (1) | |||||
| Abercromby (1) | |||||
| Millipede (1) | |||||
| Langer Heinrich, Namibia, Africa | (10,916) | (0.109%) | (0.034%) | (11,930 t) | |
(1) - Together, Abercromby, Millipede and Lake Maitland form the 'Murchison Uranium Project'.
Directors' Background
- Ronald N Gajewski (Chair) - accountant, history of experience in mining corporate management. Managing Director of Spinifex Gold Ltd.
- Edmond W Edwards (Manager - Operations & Financial) - accountant, no past uranium experience, history of management in the mining industry in WA. Still director of Acclaim Exploration.
- Brett R Matich (Manager - Mining) - history of business administration in the WA mining industry, apparently no past uranium experience. Managing Director of Acclaim Exploration.
| Company or Entity | ||
|---|---|---|
| WM Noall Nominees Pty Ltd | ||
| Mungala Investments Pty Ltd | ||
| Nefco Nominees Pty Ltd | ||
| Tied Nominees Pty Ltd | ||
| FAI general Insurance Company Ltd | ||
| Edenky Nominees Pty Ltd | ||
| Vienna Holdings Pty Ltd | ||
| Goldfields Bearing Supplies Pty Ltd | ||
| Missoni Investments Pty Ltd | ||
| Redclaw Enterprises Pty Ltd | ||
| Imperial Nominees Pty Ltd | ||
| Iguana Resources Pty Ltd | ||
| Colbern Fiduciary Nominees Pty Ltd | ||
| Mandevilla Pty Ltd | ||
| Corporate & Resource Consultants Pty Ltd | ||
| Shannon Corporate Nominees Pty Ltd | ||
| Watershore Holdings Pty Ltd | ||
| Mrs Tracey Barboutis | ||
| Western Plains Pty Ltd | ||
| Chevelis Pty Ltd | ||
| Director's Interests | |
|---|---|
| Edmond W Edwards (mostly through Tied Nominess Pty Ltd) | |
| Ronald N Gajewski (through ?) |
References - Acclaim Uranium NL Annual Reports (1998 to 2000) and Quarterly Reports (1997 to 2000).
Plus Mudd (1998). Share price graph courtesy of Excite Inc.
Last updated May 1, 2001.
Back to the SEA-US Front Page